The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows. Credit Debit $ 5,000 22,500 9,400 7,700 40,000 $ 20,000 177, eee 59 , TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019 No. Account Title 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 244 Current portion of long term note payable 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 401 Professional fees earned 60,92 16,000 3,000 4,000 2,600 see 7,600 8,500 60,000 5, eee 123,200 11,100 105,000 1) VIVlUenu> 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 684 Repairs expense 688 Telephone expense 690 Utilities expense Totals 14,100 105,000 16,eee 2,300 2,400 12,989 6,000 28,00 4,600 9,700 11,400 5,900 3,800 4,000 8,800 2,500 4,200 $435,500 $435,500 ok at ences O. Tybalt invested $5,000 cash in the business in exchange for common stock during year 2019. balance of the Retained Earnings account was $123,200. Required: 1a. Prepare the income statement for the calendar-year 2019. 1b. Prepare the statement of retained earnings for the calendar-year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closina entries at December 31, 2019. Prepare the income statement for the calendar-year 2019. TYBALT CONSTRUCTION Income Statement For Year Ended December 31, 2019 Revenues Professional fees earned Rent earned Dividends earned Interest earned ces Total revenues $ 0 Expenses Depreciation expense-Building Depreciation expenseEquipment Insurance expense Interest expense Postage expense Property taxes expense HH Neyt Live Depreciation expense Building Depreciation expense Equipment Insurance expense Interest expense Postage expense Property taxes expense Rent expense Repairs expense Supplies expense Telephone expense Utilities expense Wages expense + es 0 Total expenses Net income Required 1A Required 1B > Required 1A Required 1B Required 1C Required 2 Prepare the statement of retained earnings for the calendar-year 2019. TYBALT CONSTRUCTION Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, Dec. 31, 2018 Add: Net income Book Tint 0 rences Less: Dividends Retained earnings, Dec. 31, 2019 $ 0 Prepare the classified balance sheet Et December 31, 2019. TYBALT CONSTRUCTION Balance Sheet December 31, 2019 Assets S eBook Current assets Cash Short-term investments Supplies Prepaid insurance Print ferences $ 0 Total current assets Plant assets Equipment Accumulated depreciation Equipment Building Accumulated depreciation-Building Land 0 0 aw Land Total plant assets Total assets $ 0 0 Liabilities Current liabilities Accounts payable Rent payable Interest payable Wages payable Property taxes payable Unearned professional fees Total current liabilities $ Long-term liabilities Long-term notes payable Total liabilities 0 Equity Common stock LUNy-eu llaunes Long-term notes payable Total liabilities 0 Equity Common stock Retained earnings 0 Total equity Total liabilities and equity $ 0 ces Journal entry worksheet Journal entry worksheet Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 5 of 6